Fattal Hotels to Take Athens’ Esperia Palace
Main Photo: Esperia Palace Hotel, as was
Date: January 2019
Location: Central Athens, Greece
Name: Esperia Palace Hotel
No. of Keys: 185
Seller: Greece’s EFKA social security fund. The hotel was closed in 2010 and was put on the block for sale last year.
Buyer: The historic Esperia Palace Hotel, located in the heart of Athens, is according to media reports, now in the hands of the Israeli Fattal Hotel Group for the reported annual sum of 1.15 million euros, set to re-open as a 5-star luxury unit.
Under the terms of the tender, Fattal will be required to proceed with renovation and upgrade works budgeted at a minimum of €10.5 million euros on the 12,235m2 building, and will relaunch the hotel as a 5-star unit.
Fattal Hotels will manage the property for a period of 30 years, with a right to extend the lease for another 10 years with the agreement of both parties.
Other bidders for the Esperia Palace were the Veroukas Group – Greek owners of the Bazaar supermarket chain – jointly with French hotels chain Accor, and Lebanese interests Yazbek together with Marriott.
Founded in 1998 by David Fattal, Israel’s largest hotel operator Fattal Hotels runs 190 hotels in 17 countries, including the Leonardo Hotels in Germany, Herods, U Hotels, Magic, and Hotel Rothshild22, as well as 35 hotels in Israel.
The hotel operator is also active in Cyprus with Sentido Cypria Bay by Leonardo, Leonardo Laura Beach & Splash Resort, and the Leonardo Plaza Cypria Maris Beach Hotel & Spa in Paphos.
Price: TBA
THPT Comment: Fattal continues the march onwards and upwards, with this classic Athens’ hotel.
First Seen: Greek Travel Pages
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